Job Openings Dip, Demand Continues to Outstrip Supply
Connecticut job openings declined by 3,000 in February, down 2.7% from the previous month, but an indication that demand continues to outstrip the supply of workers.
There are now 109,000 unfilled jobs in the state—a 33,000 person increase (43%) since February 2021—as employers feel the burden of a critical worker shortage.
Despite significant job openings, Connecticut’s unemployment rate was 4.6% in March, the highest in the New England region and a point above the U.S. rate of 3.6%.
“If every unemployed person in Connecticut found a job today, we would still have 22,800 jobs left to fill,” CBIA president and CEO Chris DiPentima said.
“This worker shortage is not going away anytime soon.
“Across the board, businesses are struggling to meet demand by not having enough employees, and that pain will continue for the foreseeable future unless comprehensive legislation is passed addressing this crucial issue.”
By the Numbers: Connecticut’s Labor Market
|State||2022 YTD Job Growth||Job Openings (Feb. 2022)||Monthly Change (%)||Labor Force Change (since Feb. 2020)||Unemployment (March 2022)|
|United States||1.1%||11.3 million||-0.2%||-0.1%||3.6%|
The U.S Bureau of Labor Statistics’ latest report shows Connecticut was among 28 states where job openings declined in February.
The April 14 release of the March employment numbers also showed the state’s labor force grew by 10,300.
However, the 71,400-person decline in the labor force from February 2020 represents a staggering 41% of the national decline and 50% of the regional decline, despite Connecticut having only 1% of the population.
Regional, National Picture
Connecticut posted the region’s third largest decline in job openings for March.
Maine job openings fell 9,000 (-16%), followed by New Hampshire (-5,000; -8%), and Rhode Island (-1,000; -3%).
Massachusetts posted 22,000 new job openings (8.3%) and Vermont added 1,000 (4%).
National job openings fell 17,000 (-0.2%)
Voluntary resignations increased by 2.7% in February. Connecticut’s quits rate is now 2.3%, the third lowest in the country and well below the national rate of 2.9%.
Layoffs and terminations rose to 16,000 (6.7%).
Connecticut’s layoffs and terminations rate is one-tenth of a percentage point above the national average and is tied for third lowest in the region.
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